Education loan firm Avanse Financial Services on May 10 said it achieved a three-time growth in loan disbursement during 2021-22, an indication of the revival in the study abroad market and the overall need for finance in pursuing education.
“During the financial year, the organisation witnessed the highest ever growth in its disbursement of around ₹2,927 crore, a 3x growth over FY21,” Avanse said.
Private equity major Warburg Pincus-backed Avanse Financial had Rs 4,836 crore worth of assets under management as of March 31, 2022.
The firm said it reported a profit after tax (PAT) of Rs 63 crore during Fy22, a 1.7x over FY21.
“The financial year 2021-22 had been a year of rebound, recalibration and restoration. Being an education financing organisation…we have experienced a consistent and strong sequential growth in our overall business performance. We are on a robust trajectory to grow at a CAGR of 20-25 percet in the next three-five years,” said Amit Gainda, managing director and chief executive of Avanse.
Avanse Financial Services has offered loans to around 250,000 students studying both in India and abroad. It has also provided growth and working capital to about 1,000 educational institutes.The company offers loans to students for both international and domestic studies, online education, school fee, and skill-development courses. It also lends working and growth capital to educational institutions in the country.